When Donald Trump announced Friday that hedge fund manager Scott Bessent was his pick for Treasury secretary, there was a massive sigh of relief from the markets, with the yield on the 10-year Treasury falling sharply (a sign that investors think Bessent will help keep inflation cool) and the stock market getting a little bump.

The choice of hedge fund manager Scott Bessent came after a public battle among Trump supporters over who should be the new Treasury secretary.

Stock futures were pointing to further gains on Monday, with the market cheered by President-elect Donald Trump choosing Wall Street veteran Scott Bessent to head up the Treasury Department. Futures t

Scott Bessent, the little-known Wall Street investor who became one of President-elect Donald Trump's top economic advisers, has been nominated to be the next treasury secretary in Trump's new administration.

Hedge fund executive Bessent will be Trump’s primary conduit to Wall Street investors who are skeptical of the president-elect's punishing trade agenda.

Now is one of the stronger times of the year for stocks. pic.twitter.com/Hh4kA7xx6V — Ryan Detrick, CMT (@RyanDetrick) November 26, 2024 The stock market rallied on Monday as investors reacted positively to President-elect Donald Trump’s nomination of Scott Bessent for Treasury Secretary.

In 1992, Bessent helped Soros pull off the firm’s greatest trade: shorting the British pound. The British government was part of the European Union at the time, and its central bank—the Bank of England—had committed to keeping the value of the pound within a strict range alongside other European currencies,

President-elect Donald Trump’s pick for Treasury Secretary operates a hedge fund that reaped a massive windfall two years ago — even as global markets sagged.